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March 31, 2012

Corporate Governance Issues and Fraud


I am writing this article to help retail investor to identify corporate governance issues or fraud in particular stock as well as impact of that corporate governance issues or fraud in particular stock in the long term. If you are expert and know very well about corporate governance issues or fraud then you can skip this article or add your input in comment section.

               Retail investor listens term corporate governance lot of time but not able to understand corporate governance in depth . If we go through any of the company’s annual report then there will be report on corporate governance and mostly it would have mentioned that we follow highest level of corporate governance standard but we have to check , does it really follow highest standard of corporate governance ? We, as retail investor have to identify corporate governance level followed by the company , then only invest in that company. I believe corporate governance level check is first criteria then check for other valuation criteria. 

               Being a value investor, we try to find cheapest available stocks , sometime we use some magic formulas as well. If we analyse Indian stock market then you will come across lot of cheap stocks but cheap stock does not automatically qualify as value stock . We have to pick value stock from lot of garbage cheap stocks available in stock market. Half knowledge about value investing is more dangerous than no knowledge about value investing. Since , if one do not know anything about equity stock analysis he may choose to go through relatively safe root of mutual fund ,else he may consider some of dirt cheap stock as value stock which are in reality value trap . Whatever methodology you follow to choose value stock , follow it ,but  first you should check corporate governance level . I mean to say if corporate governance level is quite low and company looks quite good candidate for a real value buy on other value buy parameters , then we should avoid this stock.

               How does promoters cheat investor ? how fraud happen in the company  ?
              
               Promoter can cheat investor in n number of ways and they will continue to invent new ways to cheat . I have identified following ways to cheat investor with symptoms to identify it . Please note that these symptoms are starting point to identify corporate governance issues or fraud and it is not end point . These symptoms should be analysed with other factors .

1.      Manipulated profit type-I:- Company is showing good growth in Profit (PAT) without actual cash generated by the company.
Symptoms :- We can identify this type of fraud by analysing cash flow statement along with P&L statement . If a company shows good PAT number but same is not translated in “cash flow from operations” then that is alarming sign . Please remember this is starting point of your analysis for identifying fraud company and not conclusion .
To be sure, negative cash flow from operations isn't always bad but in Indian stock market context it is bad in most of the cases.
               There is cash flow statement section in every annual report where “Cash Flow From Operating Activities” figure is arrived from adjustment in PAT figure . e.g. Depreciation, Inventories, Receivables  etc.  One should determine the source of the cash haemorrhage then come to any conclusion . This can be itself covered in one article itself.

2.      Manipulated profit type-II:- Company is showing good growth in Profit (PAT) with positive cash flow.
Symptoms :- This type companies shows good growth in Profit , even cash flow is positive .So get skips from earlier mentioned fraud category. However, in  this category you will see low Debtors' Turnover Ratio.  If Debtor’s Turnover Ratio is low then you can smell of something cooking . Sundry Debtors is field of balance sheet which indicated how much amount is due from customers and other parties(Receivables). We can describe Sundry Debtors as Udhari in hindi. Most of the fraud companies shows growth in PAT , because of increased in Sundry Debtors. It is quite easy to manipulate PAT by Sundry Debtors (Udhari) . These fraud companies increases Sundry Debtors amount each and every year but after few years write-off it .I don’t say Sundry Debtors is bad for every  company since some sector will have high Debtors' Turnover Ratio and some will have low . E.g . construction sector companies usually will have low Debtors' Turnover Ratio since they have to deal with government . Dues from government will be get delayed but will not be defaulted. Best way to compare company with peer in same sector.
You will see lot of companies are even trading below PE level of 3 , cash flow is positive and you start to believing this company is available very cheap . You will always wonder why this kolaveri  with this particular stock ? But, when you see Debtor’s Turnover Ratio is quite low , which indicate low quality of profit. You will easily come to conclusion why this kolaveri  is.
3.      Non existing cash :- This is the category where value investor should be more careful before investing . Company shows lot of cash in the balance sheet but in reality that does not exists. Satyam fraud is example of this.
Symptoms :- Very hard to determine if auditor is unaware or involved in the fraud . Large cap companies has to use few complicated trick for fraud and small cap companies  can even make fraud with some obvious tricks . Some of the example of this category is, cash in overseas bank a/c which is not known reputed bank . Bank in tax heaven country . If bank is India then it is non-schedule bank. Some times this type category company transfers cash (exist/non-exist) from company to subsidiary company at more than comfortable level price. e.g         T*n** Sol***** 

4.      Operator Driven Stock :- This type of category is dangerous when promoter is also involved in it .Many times stocks operators could have been involved for price manipulation even without knowledge of promoter .              Sometimes, good stock also get manipulated by stock operator.            
                         Symptoms :- Complete mismatch in stock valuation and fundamental .
5.      Money Laundering :- This type of companies are only use to convert black money to white money.
Symptoms :-  To be franked it is quite difficult for my level of person to distinguish real money generated by the company or by the money laundering.
Many of these so-called small & mid cap software/IT companies were known to be using the Hawala route in order to show income from software exports. Such companies do not even be having the requisite infrastructure or the requisite personnel required running a software company forget aside the any export orders. The next step is to set up a subsidiary abroad by renting a place or just even employing a person to conduct the operations. Most of the exports are done to duty free ports such as Hong Kong, Singapore or Dubai where the money can be remitted back. After that, the promoters conduct Hawala transactions by paying cash over here and getting dollars from abroad through the subsidiary. The same dollars transferred from abroad are shown as software exports in the company's books. In this way the company is able to report decent sales figures in its balance sheet by the way of export income.

The next step is to catch a flamboyant market operator through whom rumours about the company can be floated in the market. The share broker or the operator then spreads stories such as the company has got big software development orders or tie-ups and is going to report excellent profits. Naturally, the bogus export income drives up the net profit reflecting a healthy Earnings Per Share for the company. Since, the P/E of the company appears to be quite low in comparison with the industry standards; the stock appears to be an excellent buy.

The market operators start providing liquidity in the counter and consequently the volumes in the counter start rising. Many of the deals take place between two or three operators itself who start creating a demand for the stock. The stock price of the company is jacked up touching three to five upper circuits in succession. The promoters taking advantage of this situation start dumping their own stock to the small investors who in turn enter to buy. In the end we have the small investors who are left holding the stock which they have purchased at the high prices.


I have discussed few types of fraud in Indian stock market context but fraud promoter are very smart and will invent new ways to loot investor.

Most of the retail investor who invest directly concentrate more on EPS & profit growth and do not pay required attention to quality of the profit . This is the way they fall in trap . Now , Rajiv Gandhi Equity Savings Scheme (RGESS), announced in the Union Budget will encourage more investor to invest in equity (probably directly) , same time fraud promoter will see more opportunity to trap retail investor. You might have heard that how much wealth one could have created if he had invested in Wipro in 1980’s (unluckily, I was not born) and Infosys 1994-95(I was not in stock market) . I just tried to show both side of the coin I do not want to spread negativity about stock market. I just want to educate retail investor with whatever little knowledge I do have. Above mentioned checks are just starting point for checking corporate governance level , there are many other factors which determine corporate governance level of the company.

I have provided list of the companies which are down more than 80% from their pick level of 3 year / 5 year high in bottom of this article. If one had done above mentioned checks 3-5 years back, then at least 80% stock in following list could have been failed for good investment candidate that time . So, One could have easily avoided big disaster investment mistake by checking corporate governance level. This list will also give chance to value investor to identify stocks which are down by just business reason and capable of turning around those business .  



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Disclaimer :- This is the just list of companies which are down more than 80% from 3 year high as per best of my knowledge . I do not claim any of the company is fraud . It is up to investor to take call based on data submitted by company to stock exchanges . 

Stock
Market Cap
Stock price
Down from 3 year High
Mahan Industries Ltd
5.04
N.A
-99.88
Teledata Technology Solutions Ltd
12.49
0.25
-99.62
Sigrun Holdings Ltd
34.25
0.61
-99.27
Coral Hub Ltd
9.29
3.6
-99.21
Prraneta Industries Ltd
24.15
1.05
-98.79
Nu Tek India Ltd
12.21
0.81
-98.69
Mavens Biotech Ltd
25.83
2.39
-98.62
Prabhav Industries Ltd
12.94
2.6
-98.58
Yantra Natural Resources Ltd
37.35
0.69
-98.52
Avance Technologies Ltd
15.37
0.23
-98.15
Alka Securities Ltd
4.03
0.44
-98.14
Sampada Chemicals Ltd
4.96
9.8
-98.03
PFL Infotech Ltd
11.74
16
-97.98
Well Pack Papers & Containers Ltd
21.65
2.8
-97.86
Greenearth Resources & Projects Ltd
39.48
1.3
-97.82
Spectacle Infotek Ltd
17.1
3.45
-97.78
Sterling International Enterprises Ltd
256.47
9.64
-97.37
Koutons Retail India Ltd
39.72
13
-97.36
Farmax India Ltd
34.61
1.22
-97.29
SVC Resources Ltd
25.92
3.92
-97.09
Trinethra Infra Ventures Ltd
6.46
1.82
-97.09
Octant Industries Ltd
19.53
7.32
-97
Anjani Synthetics Ltd
12.64
N.A
-96.91
Emami Infrastructure Ltd
45.56
18.55
-96.84
B&B Realty Ltd
11
7
-96.82
Aster Silicates Ltd
12.99
8.78
-96.63
Empower India Ltd
48.15
0.45
-96.33
Adinath Bio-Labs Ltd
23.39
1.07
-96.01
Filatex Fashions Ltd
6.17
4.63
-95.97
Nexxoft Infotel Limited
12.6
10.11
-95.73
Piramal Life Sciences Ltd
22.27
8.6
-95.71
S V Electricals Ltd
19.05
9.06
-95.58
KGN Industries Ltd
437.21
18.8
-95.54
FCS Software Solutions Ltd
42.21
0.4
-95.53
REI Six Ten Retail Ltd
175.64
11.94
-95.47
Dalmia Bharat Sugar & Industries Ltd
109.28
13.7
-95.4
Jai Mata Glass Ltd
10.4
1.07
-95.16
Resurgere Mines & Minerals India Ltd
41.76
0.2
-95.16
Vertex Spinning Ltd
9.96
0.49
-95.1
Vaishnavi Gold Ltd
9.21
4.45
-94.76
Ramsarup Industries Ltd
22.84
6.4
-94.71
Iris Mediaworks Ltd
69.07
6.59
-94.66
R M Mohite Industries Ltd
42.21
20.3
-94.66
Walchand Peoplefirst Ltd
20.62
68.05
-94.6
Rishabhdev Technocable Ltd
6.73
2.56
-94.53
Gujarat Metallic Coal & Coke Ltd
7.5
35.5
-94.49
Cat Technologies Ltd
15.73
1.89
-94.37
Acil Cotton Industries Ltd
6.2
0.27
-94.3
Ankur Drugs & Pharma Ltd
28.53
14.4
-94.28
Unitech International Ltd
8.21
8.13
-94.26
Vaghani Techno-Build Ltd
4.74
8.66
-94.18
Jupiter Bioscience Ltd
57.62
8.88
-94.06
Raj Packaging Industries Ltd
4.82
12.15
-94.04
G-Tech Info Training Ltd
5.1
0.53
-93.98
Beckons Industries Ltd
6.59
0.81
-93.95
Euro Multivision Ltd
12.14
4.89
-93.93
ATV Projects India Ltd
16.79
3.01
-93.89
Gandhinagar Hotels Ltd
11.97
16.6
-93.85
Glory Polyfilms Ltd
16.29
2.69
-93.84
Nextgen Animation Mediaa Ltd
Midvalley Entertainment Ltd
32.24
9.61
-93.74
Anus Laboratories Ltd
42.79
1.77
-93.7
Aadi Industries Ltd
4.79
4.8
-93.67
GSL Nova Petrochemicals Ltd
6.43
2.44
-93.67
XL Energy Ltd
12.18
4.87
-93.53
Sterling Biotech Ltd
277.81
9.66
-93.42
Bedmutha Industries Ltd
39.75
19.45
-93.32
Kohinoor Broadcasting Corporation Ltd
7.16
0.6
-93.24
Shree Ashtavinayak Cine Vision Ltd
292.77
3.48
-93.16
Dunlop India Ltd
70.11
9.74
-92.95
Thinksoft Global Services Ltd
41.31
40.75
-92.88
ARSS Infrastructure Projects Ltd
161.16
104.2
-92.73
GCV Services Ltd
11.14
1.16
-92.73
KLG Systel Ltd
28.83
22.1
-92.73
ICSA (India) Ltd
85.47
16.95
-92.65
Alkali Metals Ltd
30.34
29.35
-92.64
Evinix Industries Ltd
4.07
0.38
-92.56
Rockon Fintech Ltd
28.41
1.73
-92.53
Tanla Solutions Ltd
69.43
6.55
-92.5
Temptation Foods Ltd
15.13
3.66
-92.48
Geefcee Finance Ltd
20.68
18.45
-92.44
PVP Ventures Ltd
116.64
4.55
-92.44
Refex Refrigerants Ltd
5.45
3.7
-92.37
Supertex Industries Ltd
4.73
4.03
-92.36
SKS Microfinance Ltd
858.55
117.05
-92.18
Tirupati Inks Ltd
7.42
4.91
-92.03
Remi Metals Gujarat Ltd
43.26
4.01
-91.99
Next Mediaworks Ltd
20.03
3.5
-91.81
Allied Digital Services Ltd
107.88
22.95
-91.8
Shree Precoated Steels Ltd
31.46
3.73
-91.72
Sand Plast (India) Ltd
5.85
N.A
-91.7
Sujana Metal Products Ltd
77.37
3.88
-91.65
Syncom Healthcare Ltd
55
13.6
-91.6
Indowind Energy Ltd
53.93
5.84
-91.57
Birla Shloka Edutech Ltd
17.01
7.84
-91.54
Zigma Software Ltd
9.6
2.36
-91.42
GTL Ltd
405.62
41.2
-91.39
AcroPetal Technologies Ltd
53.67
13.4
-91.38
Valuemart Info Technologies Ltd
16.73
2.53
-91.25
JMD Telefilms Industries Ltd
96.97
13.45
-91.19
Bheema Cements Ltd
41.25
14.6
-91.15
Midfield Industries Ltd
51.28
40.8
-91.11
Richa Industries Ltd
23.62
14.3
-91.1
Todays Writing Instruments Ltd
5.32
3.96
-91.01
Weizmann Ltd
14.7
8.44
-90.79
K S Oils Ltd
336.07
7.42
-90.78
Websol Energy System Ltd
41.74
18.45
-90.77
Tulsi Extrusions Ltd
23.12
8.26
-90.77




Raj Oil Mills Ltd
45.8
12.48
-90.64
Edserv Softsystems Ltd
75.67
29.05
-90.63
Lakshmi Energy & Foods Ltd
114.71
16.65
-90.54
Aarya Global Shares & Securities Ltd
29.92
2.87
-90.52
Priyadarshini Spinning Mills Ltd
16.1
13.4
-90.41
Radhe Developers (India) Ltd
25.58
10.53
-90.38
Greycells Education Ltd
12.02
N.A
-90.32
Exelon Infrastructure Ltd
11.66
8.51
-90.27
Chandni Textiles Engineering Industries Ltd
21.47
1.41
-90.24
Nakoda Ltd
208.12
9.11
-90.23
Dharnidhar Global and Infraprojects Ltd
8.09
9.22
-90.18
Infomedia 18 Ltd
43.11
8.8
-90.18
SEL Manufacturing Company Ltd
124.16
10.92
-90.15
Koffee Break Pictures Ltd
5.98
0.44
-90.13
Samyak International Ltd
11.28
18.35
-90.03
Concurrent (India) Infrastructure Ltd
14.81
3.51
-90
Devine Impex Ltd
5.08
9.9
-90
Swasti Vinayaka Synthetics Ltd
11.9
1.67
-89.99
Sancia Global Infraprojects Ltd
26.69
6.03
-89.99
Surya Chakra Power Corporation Ltd
36.96
2.45
-89.94
Subhkam Capital Ltd
54.13
105.15
-89.93
Vertex Securities Ltd
33.3
8.07
-89.81
CNI Research Ltd
17.37
2.61
-89.76
Ashco Niulab Industries Ltd
12.61
1.8
-89.71
Clarus Infrastructure Realties Ltd
46.73
26.75
-89.71
Zenith Infotech Ltd
50.66
39.65
-89.71
GSS Infotech Ltd
72.54
51.45
-89.67
Hiran Orgochem Ltd
17.46
1.7
-89.56
Bhoruka Aluminium Ltd
15.49
2.83
-89.52
IOL Netcom Ltd
16.09
5.69
-89.47
Cranes Software International Ltd
33.79
2.91
-89.47
Money Matters Financial Services Ltd
275.2
84.95
-89.46
Kiri Industries Ltd
175.75
92.4
-89.45
Times Guaranty Ltd
17.53
19.2
-89.4
Triveni Engineering and Industries Ltd
398.46
15.25
-89.33
Cura Technologies Ltd
47.66
48.75
-89.25
Rotam Commercial Ltd
17.05
16.5
-89.22
Indiaco Ventures Ltd
16.65
9.35
-89.13
Ras Propack Lamipack Ltd
8.87
8.15
-89.09
Mascon Global Ltd
28.28
0.77
-89.09
BSEL Infrastructure Realty Ltd
25.78
3.14
-89.08
Indage Vintners Ltd
25.03
N.A
-89.05
Systematix Corporate Services Ltd
45.2
34.45
-89.03
Interworld Digital Ltd
4.78
0.59
-89.01
Ajel Ltd
7.55
6.77
-88.97
Ashapura Minechem Ltd
75.45
10.05
-88.83
Marg Projects & Infrastructure Ltd
8.18
N.A
-88.75
Comfort Intech Ltd
64.3
2.03
-88.74
Triton Corp. Ltd
4.4
0.22
-88.72
Prajay Engineers Syndicate Ltd
42.59
5.8
-88.72
Birla Power Solutions Ltd
111.03
0.52
-88.71
Tatia Global Venture Ltd
58.52
3.7
-88.69
Binny Ltd
60.26
N.A
-88.63
Gyscoal Alloys Ltd
20.04
12.78
-88.58
Northgate Technologies Ltd
33.87
6.84
-88.58
NTC Industries Ltd
20.43
18.3
-88.56
Prime Property Development Corporation Ltd
30
14.85
-88.49
Jai Balaji Industries Ltd
260.22
39.05
-88.38
Parle Software Ltd
22.19
17
-88.36
Rich Universe Network Ltd
14.57
20.3
-88.33
Mindvision Capital Ltd
10.23
9.8
-88.26
Karuturi Global Ltd
372.14
4.55
-88.23
Bang Overseas Ltd
19.73
14.8
-88.17
Everest Kanto Cylinder Ltd
315.02
28.9
-88.17
Arcadia Mercantile Capital Ltd
4.97
7.61
-88.11
V2 Retail Ltd
26.88
11.8
-88.01
Alps Industries Ltd
8.57
1.99
-87.99
SAAG RR Infra Ltd
10.65
5.43
-87.85
Rama Paper Mills Ltd
13.43
13.25
-87.82
Sky Industries Ltd
8.42
20.15
-87.79
Sezal Glass Ltd
52
16.25
-87.75
Ravikumar Distilleries Ltd
27.53
11.61
-87.74
Celebrity Fashions Ltd
9.39
4.83
-87.7
Zandu Realty Ltd
128.95
1,579.45
-87.63
Paramount Communications Ltd
22.05
2.31
-87.53
Falcon Tyres Ltd
103.09
29.35
-87.45
Asahi Infrastructure & Projects Ltd
9.3
2.67
-87.33
Agro Dutch Industries Ltd
26.48
4.81
-87.27
Urja Global Ltd
99.98
23.15
-87.14
Nuchem Ltd
5.07
1.69
-87.03
Zee News Ltd
245.08
10.15
-86.99
BLS Infotech Ltd
6.57
0.14
-86.96
Quintegra Solutions Ltd
5.95
2.17
-86.89
Cantabil Retail India Ltd
27.43
16.95
-86.85
DMC Education Ltd
9.7
3.92
-86.72
K Sera Sera Ltd
65.71
3.19
-86.65
Baid Global Ventures Ltd
9.02
39.15
-86.63
Texmo Pipes & Products Ltd
53
21.8
-86.62
Choice International Ltd
23.66
31.8
-86.61
Nimbus Foods Industries Ltd
6.86
1.4
-86.43
Goldstone Technologies Ltd
12.77
6.56
-86.41
Asian Electronics Ltd
25.21
6.96
-86.33
Link House Industries Ltd
10.71
N.A
-86.31
Vedavaag Systems Ltd
5.75
6.1
-86.26
Samtel Color Ltd
30.78
3.58
-86.22
Veer Energy & Infrastructure Ltd
26.31
3.73
-86.17
MIC Electronics Ltd
87.74
8.28
-86.14
B A G Films & Media Ltd
69.38
4.21
-86.09
Windsor Machines Ltd
100.92
15.3
-86.09
Bombay Talkies Ltd
6.1
N.A
-85.96
Crew B.O.S. Products Ltd
40.84
29.1
-85.93
Kaashyap Technologies Ltd
13.15
0.2
-85.91
Moser Baer (India) Ltd
275.17
16.3
-85.9
Shree Rajeshwaranand Paper Mills Ltd
5.1
N.A
-85.86
Zee Learn Ltd
386.69
14.32
-85.84
Euro Ceramics Ltd
27.36
9.94
-85.78
Empee Sugars & Chemicals Ltd
48.85
11.96
-85.75
Nagarjuna Agrichem Ltd
81.95
54.95
-85.75
Bajaj Hindusthan Ltd
1,985.34
29.4
-85.71
AML Steel Ltd
8.36
N.A
-85.71
BF Investment Ltd
169.09
42.7
-85.67
Panoramic Universal Ltd
65.69
8.29
-85.65
Indiabulls Securities Ltd
212.66
8.77
-85.64
3i Infotech Ltd
297.58
15.2
-85.64
Indosolar Ltd
162.54
4.41
-85.62
Silverline Technologies Ltd
12.78
2.09
-85.59
Ennore Coke Ltd
36.19
22.65
-85.57
Rama Newsprint & Paper Ltd
45.31
7.85
-85.56
MVL Ltd
517.03
8.2
-85.51
Excel Infoways Ltd
67.56
19.2
-85.45
IKF Technologies Ltd
45.64
1.02
-85.29
Satra Properties (India) Ltd
75.67
4.4
-85.21
BLB Ltd
18.25
3.5
-85.14
ABL Bio-Technologies Ltd
4.03
4.9
-85.13
Modern Dairies Ltd
29.76
12.69
-85.11
Vax Housing Finance Corporation Ltd
15.64
12.42
-85.1
Zenith Birla (India) Ltd
55.27
4.18
-85.09
Consolidated Construction Consortium Ltd
290.14
15.75
-85.07
Proto Developers & Technologies Ltd
6.97
0.48
-85
M K Exim (India) Ltd
6.45
9.13
-84.93
Transwarranty Finance Ltd
19.6
8.74
-84.91
Flawless Diamond (India) Ltd
8.84
0.58
-84.88
Gammon India Ltd
592.88
41.9
-84.83
Sujana Towers Ltd
392.44
6.88
-84.8
Cambridge Solutions Ltd
194.39
16.5
-84.78
JCT Electronics Ltd
60.7
0.76
-84.76
Century Extrusions Ltd
18.56
2.2
-84.72
Tarapur Transformers Ltd
32.27
14.7
-84.71
Texmaco Infrastructure & Holdings Ltd
342.71
27.05
-84.68
Bhilwara Technical Textiles Ltd
31.71
5
-84.66
Sterling Green Woods Ltd
4.44
10.15
-84.58
Welspun Projects Ltd
124
30.9
-84.58
Fineotex Chemical Ltd
59.46
54.25
-84.56
Electrotherm (India) Ltd
72.15
64.8
-84.55
Shree Ganesh Forgings Ltd
4.3
N.A
-84.51
V B Desai Financial Services Ltd
4.53
10.25
-84.34
Nicco Corporation Ltd
17.68
1.55
-84.21
Almondz Global Securities Ltd
32.1
13.3
-84.16
Reliance Broadcast Network Ltd
423.92
49.1
-84.09
Dhanus Technologies Ltd
125.05
2.11
-84.06
Reliance MediaWorks Ltd
354.2
73.95
-84.04
Great Offshore Ltd
360.57
93.8
-84.03
RDB Realty & Infrastructure Ltd
25.92
24
-84
Kwality Dairy (India) Ltd
751.84
36.85
-83.91
Modern India Ltd
154.52
39.8
-83.89
Future Market Networks Ltd
34.52
30.8
-83.82
G V Films Ltd
19.17
0.53
-83.79
Country Condos Ltd
12.03
1.6
-83.76
Dishman Pharmaceuticals and Chemicals Ltd
370.01
45
-83.62
KLG Capital Services Ltd
10.98
31.25
-83.57
Shristi Infrastructure Development Corporation Ltd
265.07
105
-83.56
Secunderabad Healthcare Ltd
32.15
6.99
-83.55
Shah Alloys Ltd
14.49
6.87
-83.53
JIK Industries Ltd
33.78
4.55
-83.52
Venus Power Ventures (India) Ltd
25.1
14.16
-83.52
Orient Abrasives Ltd
86.71
6.95
-83.51
UB Engineering Ltd
66.74
39.7
-83.48
DQ Entertainment International Ltd
187.5
23.2
-83.43
Usha Martin Education & Solutions Ltd
30.78
10.63
-83.36
Biopac India Corporation Ltd
7.75
4.41
-83.33
Twenty First Century Management Services Ltd
8.2
7.5
-83.3
Jumbo Bag Ltd
10.37
13.3
-83.28
A.K.Capital Services Ltd
109.86
159.6
-83.26
Mahalaxmi Rubtech Ltd
51.77
5.71
-83.21
Sambhaav Media Ltd
11.54
N.A
-83.15
Microsec Financial Services Ltd
74.75
24
-83.13
OnMobile Global Ltd
708.23
57.55
-83.12
JMG Corporation Ltd
5.22
N.A
-83.1
Sanraa Media Ltd
10.76
0.09
-83.02
Neha International Ltd
142.04
47.75
-82.98
Computer Point Ltd
4.95
1.58
-82.94
D B Realty Ltd
2,072.58
81.25
-82.93
Aarey Drugs & Pharmaceuticals Ltd
20.48
13.75
-82.8
Unimin India Ltd
5.75
2.9
-82.79
Sir Shadi Lal Enterprises Ltd
17.54
33.4
-82.72
Saboo Sodium Chloro Ltd
11.64
8.71
-82.7
Dolphin Offshore Enterprises (India) Ltd
140.28
83.15
-82.68
Jhagadia Copper Ltd
16.51
N.A
-82.61
LCC Infotech Ltd
5.7
N.A
-82.61
Symphony Ltd
798
219.25
-82.53
Suzlon Energy Ltd
4,496.70
26.15
-82.45
Landmark Property Development Company Ltd
25.75
1.95
-82.41
Bartronics India Ltd
120.2
34
-82.34
IEC Education Ltd
16.36
11.28
-82.32
Sanwaria Agro Oils Ltd
993.54
26.05
-82.29
SSPDL Ltd
17.65
12.85
-82.28
Punj Lloyd Ltd
1,834.85
52.9
-82.28
Niraj Cement Structurals Ltd
17.97
16.5
-82.26
Mavi Industries Ltd
6.62
8.5
-82.25
Murli Industries Ltd
159.7
21.1
-82.23
Venlon Enterprises Ltd
16.72
3.2
-82.22
Madhur Industries Ltd
5.93
14.8
-82.17
Kalyani Steels Ltd
228.12
51.2
-82.17
Radha Madhav Corporation Ltd
17.34
5.13
-82.16
Twilight Litaka Pharma Ltd
91.56
36.35
-82.16
Arnav Corporation Ltd
4.86
8.98
-82.04
Confidence Petroleum India Ltd
128.11
4.85
-82.04
Gayatri BioOrganics Ltd
24.9
N.A
-81.99
Lotus Eye Care Hospital Ltd
17.33
8.56
-81.97
Prakash Industries Ltd
620
43.95
-81.97
Diamant Infrastructure Ltd
40.48
12.1
-81.94
Surat Textile Mills Ltd
31.98
1.5
-81.91
REI Agro Ltd
1,183.13
12.35
-81.89
Sanguine Media Ltd
11.87
1.09
-81.74
Classic Diamonds (India) Ltd
21.56
5.46
-81.68
Logix Microsystems Ltd
21.66
17.25
-81.67
Powersoft Global Solutions Ltd
12.87
2.98
-81.66
Accentia Technologies Ltd
98.24
67.9
-81.65
Ester Industries Ltd
122.66
19.15
-81.61
Kingfisher Airlines Ltd
956.01
16.65
-81.59
Deccan Chronicle Holdings Ltd
721.92
33.6
-81.56
I Engineering Solutions Ltd
6.99
7.78
-81.51
Cals Refineries Ltd
165.88
0.2
-81.48
VBC Industries Ltd
30.77
6.39
-81.41
Aqua Logistics Ltd
380.7
12.58
-81.36
Arihant Foundations & Housing Ltd
41.84
N.A
-81.34
Educomp Solutions Ltd
1,855.69
190.3
-81.33
Rana Sugars Ltd
54.06
3.38
-81.32
Mayur Leather Products Ltd
15.55
30.7
-81.31
Sat Industries Ltd
38.9
9.5
-81.3
Shalimar Wires Industries Ltd
5.8
8.01
-81.29
Indo Bonito Multinational Ltd
7.28
2.79
-81.25
Eastern Silk Industries Ltd
30.55
3.82
-81.23
Avon Corporation Ltd
15.89
2.48
-81.21
Decolight Ceramics Ltd
14.99
3.05
-81.18
Amrapali Industries Ltd
24.22
4.84
-81.15
Eastern Gases Ltd
14.31
15.95
-81.15
Gogia Capital Services Ltd
7.88
N.A
-81.09
LN Industries India Ltd
74.89
8.12
-81.06
Jyoti Structures Ltd
319.76
37.75
-80.99
Gupta Synthetics Ltd
4.04
5.33
-80.96
Rama Pulp & Papers Ltd
8.66
7.65
-80.95
Oswal Minerals Ltd
20.03
N.A
-80.94
Amit Spinning Industries Ltd
7.04
1.64
-80.89
Mastek Ltd
244.4
88.85
-80.84
Shreyas Intermediates Ltd
9.11
5.88
-80.81
Patel Engineering Ltd
738.48
101.4
-80.79
Camson Bio Technologies Ltd
89.02
48.45
-80.77
Dharani Sugars & Chemicals Ltd
71.12
25.15
-80.75
Hittco Tools Ltd
5.18
9.99
-80.71
KCL Infra Projects Ltd
47.03
17
-80.64
Birla Cotsyn India Ltd
69.38
0.26
-80.62
United Breweries (Holdings) Ltd
448.03
67.5
-80.62
GTL Infrastructure Ltd
944.9
9.58
-80.58
Allsec Technologies Ltd
17.53
11.58
-80.55
Network 18 Media & Investments Ltd
525.08
37.15
-80.55
SPL Industries Ltd
6.99
2.52
-80.53
Cybermate Infotek Ltd
5.25
0.85
-80.5
Marksans Pharma Ltd
60.69
1.63
-80.49
B.L.Kashyap & Sons Ltd
211.36
10.14
-80.47
Gontermann Peiper (India) Ltd
15.87
10.5
-80.45
Welspun Investments & Commercials Ltd
11.86
33.25
-80.44
Tirupati Sarjan Ltd
21.86
9.11
-80.43
NRC Ltd
14.27
3.85
-80.43
Ranklin Solutions Ltd
7.74
5.85
-80.42
New Delhi Television Ltd
254.03
37.15
-80.4
Birla Precision Technologies Ltd
19.23
5.91
-80.37
Andrew Yule & Company Ltd
751.78
19.35
-80.34
Laffans Petrochemicals Ltd
8.38
10
-80.33
Kaushalya Infrastructure Development Corpn Ltd
13.69
7
-80.29
Integrated Technologies Ltd
4.64
N.A
-80.2
Southern Online Bio Technologies Ltd
24.02
6.72
-80.18
UT Ltd
7.64
8.2
-80.1
Country Club (India) Ltd
59.39
6.47
-80.09
Karma Industries Ltd
199.82
63.7
-80.05
Housing Development & Infrastructure Ltd
3,580.36
82.15
-80.04
Punjab Woolcombers Ltd
12.98
3.94
-80.04
Hubtown Ltd
1,333.69
180.55
-80.01
SQL Star International Ltd
15.13
4.79
-80
Innovassynth Investments Ltd
9.71
4
-80



5 comments:

  1. Hello, I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wish you best of luck for all your best efforts.
    Non Ferrous Metal Alloys
    Mild Steel Ingots
    Carbon Silico Manganese
    Non-Ferrous Metals

    ReplyDelete
  2. Hi, I am giving you a practical example of a Fraud Company Promoted by Arun Firodia (Kinetic-Honda)
    Athena Financial Services Limited alias Kinetic Finance Limited.
    promoters diverted Rs 250 Crores, changed the name of company, resigned from the board and left the company to sink.
    Read full fraud story here http://wikileak-corp.blogspot.in/
    I have given balance sheet for 5 years which proves the point as rightly covered in your article above.
    Enlighten yourself please.

    ReplyDelete
  3. @corp wiki
    the link aint workin and it looks like u ve gone awol

    VALUE2WEAALTH-KEEP UP THE GOOD WORK

    ReplyDelete
  4. Thank you for your detailed study and report. I was looking for list of fraud promoters and I landed with your article. Promotors of such companies should be punished and their property should be sealed then the interest real players will be safeguarded and build investors confident in this country.

    These fraud can't takes place without the insider and authorities who have power to stop such fraud from happening. Even auditors don't perform their duty in right manner. Fraud auditors are happy to sign any document for huge sum they get as fees.

    ReplyDelete

Disclaimer

I am not an Investment advisor and do not provide this service via this Blog. The Blog is a personal diary and the stocks discussed on the blog represent my personal views and analysis. They are not recommendations to buy or sell stocks. I do not intend to recommend any stocks for financial or non-financial gains and may or may not be holding the stocks discussed on my blog.

In a nutshell - i am not responsible for the losses or gains made based on the information published on this Blog